LATAM Airlines falls after pricing $676 mln secondary offering

LATAM Airlines

25/09/2025 12:35

** U.S.-listed shares of Chile's LATAM Airlines LTM.N down 4.2% at $44.02 before the bell after secondary offering priced

** LATAM announces ~15.5 mln American Depositary Shares (ADSs) sold by Strategic Value Partners (SVP) at $43.60 for about $676 mln gross proceeds

** Offering price represents 5.2% discount to shares last close

** Prior to the offering, Victor Khosla's hedge fund SVP owned ~31 bln ADSs, or 5.13% of ~604.4 bln total ADSs outstanding, per the prospectus

** JP Morgan and Goldman Sachs are underwriters for the offering

** U.S.-listed shares on Weds fell 3.5%, leaving them up 67% YTD

** All 6 analysts covering LTM rate the shares "buy" and median PT is $52.95, per LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))